Reverb and Delay are available as bus effects on iPhone 3GS and later, iPod 3rd Gen and later, and iPad 1/2.

To apply bus effects to a track, tap the Button popup group in the tracks header and then tap the FX button:

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Select the "FX Bus" tab and turn up the Send knob:

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Tap the OUT button in the toolbar and then tap the FX Bus button:

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This will bring up the bus effects panel. With the Reverb tab selected:

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Stereo Delay is also available as a bus effect:

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The ordering for signal flow is from left to right. To re-order the effects, drag the Tabs left or right, and the effects will be re-ordered in the signal chain.

Master FX are last in the signal chain. EQ and Compressor are available as mastering effects. They can be re-ordered as well by dragging the Tabs of the Master FX panel. The Master FX Panel also includes the OUT fader to make final volume adjustments easier: